Already another year has passed and it is time to not only get through the holidays, but also get ready for a new year of tax filing. For us, doing our taxes is a big deal. Being a family with a small business, we not only have to keep track of all our income and costs, but also have to provide health insurance for our family.
With 3 kids it is important to make sure they have coverage for any medical expenses. For us we have to source our own private insurance and with the ACA in place there is also filing required when it comes to our taxes. Lucky for us, TurboTax makes it easy to file our taxes as we as getting us the proper deductions and taking care of filing a 1095A or 1095-B/C which are forms required to report indicating coverage of health insurance.
- 1095A may be provided for those like us who use our states healthcare exchange Covered California, or those who purchased their health insurance plan on healthcare.gov or other state insurance marketplace. The form provides information about period of coverage, premiums and any subsidies payed based upon one’s income.
- 1095-B/C may be provided to those with insurance through an employer, government program, such as Medicare or Medicaid (outside of the Marketplace), or other private insurance. Check with the IRS, your employer or TuboTax to see if the actual form is needed to file.
TurboTax makes it simple, just into the information when TurboTax requests it and it will be calculated and filed with your return. This year a PDF upload is available. Reporting on TurboTax is so easy it can be done on a smartphone or tablet.
This is the 2nd year for filing the about healthcare but will be as simple as check some boxes and maybe inputting some information. TurboTax will ask a few basic questions about your life and file the required compliance form. There are no extra costs and resources provided by TurboTax.
TurboTaxHealth.com provides helpful tools and advice about taxes, policies and the ACA. TurboTax offers free tools and calculators to find out how the ACA can affect your taxes.
Find out if you qualify for payment assistance, any exemptions for going without insurance. Find out how much of a penalty will be applied for not purchasing health coverage with the Penalty Calculator Tool.
For us the biggest part in file our taxes are have the ease to simply respond to a list of questions on my own time. TurboTax lets me save my return if I need to work on it at a later time. With the comprehensive sections (can opt to pass on them if they do not apply) of questions finding deductions that work for us like student loans repayments, buying home, small business deductions, charity donations and more.
You can find out more about TurboTax by visiting their website, also be following TurboTax on Twitter and Facebook.
Turbo Tax makes it convenient and easy to pay taxes. I wonder if I can use it here in my country.
Its great enjoying the holiday season, but this is a constant reminder that life goes on. I need to get my items in order for tax time.
This is awesome – I should definitely try TurboTax but my mom is an accountant so I’m pretty set LOL! : )
I love that there are programs like these out there. They make it so much easier to navigate all these tax laws and changes!
I am just now getting my act together for taxes. I can’t wait to give to use TurboTax this year to simplify it!
I would like to get over my Turkey Day Food Coma and then Christmas before I start thinking about Taxes! LOL 🙂
Ugh I hate doing taxes, always get my husband to do it. Will check this out, thanks for suggesting.
To be honest, this is the first time I head of this (or probably because there was no such in the place where I was) but it is always good to know – definitely gives you something to think about.
I am so not ready for tax season. But I will definitely have to check out Turbo Tax.
My husband is the one who’s in-charge of our taxes and he hasn’t started putting up everything yet so I don’t think he’s ready. 🙂
OH man, it is about that time again, isn’t it??? I can’t believe how fast the year flew by.
Thinking about taxes makes me dizzy but I need to overcome this one of these days. Good thing you reminded me on this.
I have used TurboTax for years. My taxes are easy as I don’t own anything. They are so easy to use.
I don’t even want to think about tax season. Ugh. I hate doing my taxes!!!
We are lucky we have a great tax accountant. She takes care of everything for us every year, but I used to use Turbo Tax before I was married. It was great.
I am not from the US, but my sister who resides there says that Turbo Tax makes everything easy. She’s been using it for years.
I agree with signing up for TurboTax. I am not very good with math so I leave it to the professionals to help me with it. Thanks for the reminder!
I know several people that use this program. Tax season is such a dreaded time for most and with programs and options like this it sounds like the headache doesn’t exist!
Honestly, I dont know anything about all this. It’s kind of scary that I dont… I will have to at some point. I’m thankful my huz takes care of all that! Very helpful info though.
Getting ready for tax time can be really stressful. Thanks for the tips. I will definitely have to keep TurboTax in mind.
Filing taxes is such a pain! I love that Turbo Tax makes it easier. Even though my husband is the lucky one who usually does our taxes, anything to make it better is good!
Thanks for sharing this great information. The ACA has a lot of benefits, but navigating the tax aspect is a bit confusing.
Turbo Tax really takes a lot of the stress out of tax season. I’ve used it a few times and it’s just so easy.
UGH do I really have to start thinking about taxes? We have used turbo tax before and I really like it. We might use it again this year.